The Monocle Minute

The pressure on countries facing higher US tariffs is mounting (writes Vicky Pryce). Comparisons with the turmoil of Black Monday in October 1987, the financial crisis of 2008 and 2009, Brexit and the coronavirus slump of March 2020 all abound and are apt. Stock markets have been wiped out in the past few days to the tune of trillions. The World Trade Organization adjusted its trade projections for this year alone from a 3 per cent rise to a 1 per cent drop. But, as with previous shocks, recovery will come. Mark my words.

These historic recoveries took time and, in every case, relied on massive, active state interventions: bailouts, cuts in interest rates and injections of funds to get things moving again. This time, Europe is well-positioned to cushion the blow – especially compared to its peers in Asia. While the EU’s ability to divert exports will be affected by the slowdown of global demand, it has headroom to support its economy: The European Central Bank has been cutting rates more aggressively than others and will slash them further in the short term. After all, the EU has a population of 450 million people who mostly trade with one another. The freedom of movement among the union’s people, goods, capital and services remains a highly fruitful, tariff-free trade area. The euro currency, which 20 nations share, only adds to this appeal. This sudden change of tariffs might allow for even greater unification – particularly in capital markets, technological and AI investments.

Germany has already unshackled itself from its restrictive “debt brake” and the cost of borrowing is falling. Some of the planned joint borrowing for extra defence spending can also be diverted to emergency economic support; desperate times call for desperate measures – and Europe needs to act. In the medium to long term the EU should look at forging closer trade alliances with the rest of the world and onshoring to limit future risk. Right now, while uncertainty prevails, unity and cool heads can win the day.

Vicky Pryce is chief economic adviser at The Centre for Economics and Business Research and a frequent contributor to Monocle Radio. For more opinion, analysis and insight, subscribe to Monocle today.

The Japanese pet sector is booming (writes Fiona Wilson). Interpets Asia Pacific, one of the industry’s leading trade fairs, was held over the weekend at Tokyo Big Sight. Last year the nation’s pet market was valued at ¥1.9trn (up 21 per cent from 2019) and is projected to keep growing.

More than 900 exhibitors and thousands of professionals, pet lovers and primped pooches packed out the exhibition hall, many of which were rolling in state-of-the-art buggies. The overwhelming array included hair masks for furry friends to delicatessen-standard dog’s dinners, jewellery to tiny trainers and hand-stitched shirts.

Organic pet food was doing a roaring trade, as were canine car seats. It was standing room only at the tooth-brushing seminar, while the grooming competition was beamed out overhead on a giant screen. With the focus on premium products, advanced healthcare and luxury pet travel, it’s clear at Interpets that in Japan, it’s far from a dog’s life.

Every year at Milan Design Week, Prada eschews the expectation to release new products in favour of hosting thoughtful conversations relating to the wider design ecosystem (writes Grace Charlton). And it’s no different for this year’s iteration, which began yesterday.

Now in its fourth edition, Prada Frames has a line-up of speakers selected by the fashion house and Italian design duo Formafantasma, who this year chose to explore the themes of infrastructure, mobility and global distribution under the title ‘In Transit’. “Talking about infrastructure is about understanding the world we live in,” designer Simone Farresin of Formafantasma tells The Monocle Minute.

Panels take place at Milan Central station inside a luxuriant and historic piece of Italian infrastructure: a restored Arlecchino train, originally designed in the 1950s by Gio Ponti and Giulio Minoletti. Today is your last chance to visit Prada Frames. All aboard! prada.com

Everybody loves an original. But in Walter Benjamin’s 1936 essay “The Work of Art in the Age of Mechanical Reproduction”, German critic and philosopher puts forward his theory of “the aura”. According to Benjamin, reproductions of work, be it a recording of a concert or a photograph of a painting, can never convey the experience of the real thing. But technological developments by Paris-based acoustic-engineering firm Devialet might make Benjamin reconsider.

Devialet speakers are dotted throughout the capital’s best venues, from brasseries in the 8th arrondissement to the city’s opera house, and produce sound as powerful, rich and nuanced as a live rendition. For the April issue of Monocle, we visited the firm to see just how these immersive speakers are beckoning listeners to hi-fi heaven. Pick up a copy today to read the full feature.

Never Too Small began as a Youtube channel touring beautifully designed homes that make the most of small spaces. In 2024 the Australian company launched a print magazine. Monocle catches up with its founder, Colin Chee, and editor, Elizabeth Price, ahead of the next issue.

Why did you decide to make a magazine?
Colin Chee: Never Too Small was a passion project when I started it in 2017. I wanted to find solutions to living in a small apartment. After launching the channel, it gained a lot of subscribers but the format was limited. Our shows are based on architects discussing the design of small spaces. Though this approach is popular, it is difficult to talk about other topics because the channel has such a specific audience. The magazine allows us to widen our scope.

The magazine’s tone differs from the typical, more formal approach to architectural print journalism. Tell us more.
Elizabeth Price: We wanted it to be playful, curious and unpretentious. This is the identity of the channel. We don’t use architectural jargon or design speak. We felt that a magazine could bring even more personality to the brand and retain that accessibility.

The next issue is dedicated to Japan. Why?
EP: The Japanese homes that have been featured on the Never Too Small channel have been some of the most popular and continue to be audience favourites. Naturally, everyone in our team is fascinated by Japanese design and all the beautiful things that come out of the country. So we decided to double down and make a whole issue about the country.

Issue 2 of ‘Never Too Small’ is out now. You can listen to the full interview with Colin Chee and Elizabeth Price on ‘The Stack’.

We celebrate the start of spring with a slew of top-tier cultural recommendations for the new season. Robert Bound is joined in the studio by John Mitchinson, Georgie Rogers and Ossian Ward to discuss the albums, books and exhibitions that you should have on your radar this month. These include a new record by Little Simz, a book full of stories from nighttime and an art event with a side of sauna.